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Starting A Business Fundamentals

Lesson Six

The other stuff…

Equipment and Supplies

Apart from your premises, the cost of buying equipment and supplies for your business may be one of your biggest expenses. Technology such as computers, smartphones and printers don’t necessarily come cheap. Make sure you have factored this into your start-up costs.

Shop around for good deals but consider your future needs and always buy the best you can afford – buying cheap can be a false economy in the long run.

As well as the big things, you will also need office supplies – buying in bulk can be cheaper and again it’s worth shopping around.

Suppliers and Manufacturers

If you will be selling products, it is important to do your research into potential suppliers and manufacturers. Ask for prices including VAT and shipping costs, as they can make a huge difference to your bottom line. Ask for samples of the products to ensure you are happy with the quality.

If your product is to be manufactured, place a sample order of prototypes to make sure it meets your quality requirements.

Licences and Permits

Depending on your business, you may need special licences or permits to allow you to trade.

Failing to obtain the correct licences may have serious consequences for your business so if you are unsure, find out before you go any further. If you are in the UK, you can find out more here.

Insurance

There are many types of insurance available to protect your business, but some may be compulsory depending on your business.

You may need:

  • Employer’s liability
  • Public liability
  • Product liability
  • Income protection
  • Goods in Transit Insurance

The only way to know for sure is to talk to a professional insurance broker.

 

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